YEN SURGES: G7 Finance Ministers Make Shock Announcement That Earlier Statement On Currency Was Misinterpreted

Earlier today, the G7 made a fairly mild comment about how there should be market-based exchange rates.

It was a fairly benign statement, that people took to mean that there was no condemnation of the monetary policy moves in Japan that were causing the yen to dive.

But wait!

In headlines that are just crossing the wire right now, the G7 is saying that the statement is being misinterpreted, that there IS concern about excessive yen moves.

Here's a look at USDJPY. You can see the dollar diving against the yen.

Bloomberg's economics reporter Michael McKee has the headlines and the take: